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Wipro surges 5%, to consider buyback on July 20

The board will consider a proposal for buyback of equity shares of the company on July 20.

Shares of IT major Wipro surged 5.5 percent intraday Monday as the company will consider buyback on July 20.

The company's board meeting will be held over July 19-20, to consider and approve the condensed audited standalone and consolidated financial results of the company under IndAS for the quarter ended June 30, 2017.

It will consider the condensed audited consolidated financial results of the company under IFRS for the quarter ended June 30, 2017.

The board will also consider a proposal for buyback of equity shares of the company on July 20.

Share buybacks typically improve earnings per share and return surplus cash to shareholders while also supporting share price during periods of sluggish market condition.

In March 2017 HCL Technologies had approved a buyback of up to 3.5 crore shares at Rs 1000 per share, which works out to Rs 3,500 crore.

In the month of June Mindtree approved buyback of up to 43.2 lakh shares, comprising 2.57 percent of the total paid up equity share capital at a price of up to Rs 625 per equity share.

The Tata Consultancy Services (TCS) board had announced buyback of up to 5.6 crore equity shares of the company for an aggregate amount not exceeding Rs 16000 crore.

At 10:42 hrs Wipro was quoting at Rs 269.30, up Rs 9.80, or 3.78 percent on the BSE.
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